KUALA LUMPUR: The FBM KLCI extened its decline but remained above the 1,600-point psychological level at midday as investor sentiment soured over aggressive US rate hikes.

       At 12.30pm, the benchmark index was down 3.28 points to 1.601.33. The overall market saw two decliners to every one gainer, indicating growing negativity among investors.

       Among the blue chips, Press Metal shaved 12 sen to RM6.44, Hong Leong Bank slipped 10 sen to RM20.40, IOI dropped four sen to RM4.33 and Sime Darby Plantation dipped two sen to RM5.28.

       Leading gains, Petronas Chemicals climbed 12 sen to RM10.32 while Kuala Lumpur Kepong rose 30 sen to RM27.30.

       Meanwhile technology stocks remained firmly in the red. MPI lost 40 sen to RM32.68 and Dufu Technology fell 11 sen to RM2.58 and D&O Green Technology slipped six sen to RM4.16.

       Top actives were CSH up 0.5 sen to 14.5 sen, TWL rising 0.5 sen to nine sen and Sapura Energy losing 0.5 sen to 3.5 sen.

       In major Asian markets, equities retreated as US Treasury yields spiked on expectation of aggressive interest rate increases.

       Japan's Nikkei was down 1.8%, South Korea's Kospi slipped 1.2% and China's composite index fell 0.7%

       Hong Kong's Hang Seng dropped 0.5% and Australia's ASX200 gave up 0.6%.